Hostel Suites Florida -- Buenos Aires – This hostel is in the heart of Buenos Aires, offering a wallop of Argentine culture.

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Photos:Affordable style around the world

HI Whistler -- Whistler, British Columbia – This ultra-modern hostel was built to house athletes during the 2010 Winter Olympics.

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Story highlights

Kex Hostel in Reykjavik, Iceland, has a retro barbershop

U Hostels' rooms are spacious, stylish and have a minimalist design

The terrace at Plus Florence has a 360-degree view of the Italian city

Hi Whistler was built to house athletes during the 2010 Winter Olympics

Budget-conscious travelers rejoice: Hostels aren't what they used to be.

Forget cafeteria-style meals, windowless rooms and the college dormitory approach to decor. Think more along the lines of handcrafted cocktails by the pool, complimentary bike rentals and design so stylish you'd swear you were in a boutique hotel.

In other words, the modern-day hostel will wow you. But get this -- they are still affordable. Plus, many offer the same amenities as hotels: private rooms, concierge service, Wi-Fi, restaurants, bars and more.

Good things happen when a group of buddies, including filmmakers and former soccer players, get together to design a hostel inside an old biscuit factory.

Their grand scheme: to create a place where locals and travelers could hang out, have beer and experience the awesome quirkiness of Reykjavik. The result: a cult following.

More often than not, guests will catch a band playing in the bar area or at Gym& Tonic, a small venue within Kex equipped with old-school punching bags (it also doubles as an art gallery and movie theater).

Then there's the occasional pop-up concert. In fact, Russell Crowe once showed up to belt out some tunes with rock legend Patti Smith. Even comedian Ben Stiller has been seen there nursing a pint of local stout.

Don't worry: There are peaceful activities, too. Like yoga and meditation. There's even a retro barbershop so you can go home looking snazzy.

Inside the hostel, the whitewashed walls are bright and inviting. The rooms are spacious and stylish with a clean, minimalist design. Bike rentals are available as well as group outings to flamenco shows and free tours of the city each morning.

At the end of the day, kick back in the hostel's private cinema room. Or check out the chillout zone, which is stocked with books and a huge magnetic map, where you can plot your excursions for the next day.

Not your cup of tea? Grab a cocktail at the onsite bar and make a beeline for the rooftop terrace.

This high-style hostel, in a 19th century grain house on the island of Giudecca, has loads of character and plenty of history. Outside, it has the charm of yesteryear and views of Laguna Veneta, the enclosed bay of the Adriatic Sea.

Inside, there are exposed, original wooden beams, worn metals and cozy seating.

Thrifty hipsters will appreciate that this place hasn't skimped on design; there are customs decor elements throughout that make for a fun, creative atmosphere.

Step out onto the terrace of this hostel, and you'll be smiling from ear to ear. The 360-degree view of Florence is superb.

Grab a fruity cocktail at the Opera Terrace Bar and gaze at the Duomo, Fiesole, Piazzale Michelangelo and Palazzo Vecchio to name a few.

Best part is, if you want to hop over to these landmarks, you can. They are all within walking distance.

In the summertime, you can do laps at the outdoor pool. Come wintertime, there's an indoor pool. Plus, you can kick back in the sauna and Turkish bath (not usually found in a hostel) or burn some calories in the fitness area.

Hostel Suites Florida will win you over from the get-go. For starters, it offers free shuttles from the airport.

And once you get to the hostel, there's a travel agency inside so you won't waste any time booking tango lessons, free walking tours and Spanish classes.

Not only will you be highly entertained, you will also get a wallop of Argentine culture in the form of massive prints throughout the hallways. As you walk to your room, you'll see the likes of Eva Peron, Che Guevara, Diego Maradona and more.

When you're ready to venture out, you are in the perfect spot. Hostel Suites Florida is in the heart of Buenos Aires on Florida Street, a popular area jampacked with shops, restaurants and bars. And it's within walking distance of Obelisco and Plaza de Mayo.